Wednesday, August 17, 2022
Chuck Marunde, J.D., Broker/Owner 360-775-5424


iRealty Virtual Brokers


Broker/Consultant

Washington State

SUBSCRIBE
  • Home
  • Search MLS
    • Sequim MLS
    • Sequim MLS Map Search
    • Port Angeles MLS
    • Port Townsend MLS
    • San Juan Islands MLS
    • All Islands MLS
    • How to Search the Sequim MLS
  • Videos
    • Sequim Videos Q&A
    • Buyer Videos Part 1
    • Buyer Videos Part 2
    • Buyer Videos Part 3
    • Buyer Videos Part 4
    • Living in Sequim Video Channel
  • Books
    The Coming Real Estate Crash

    The Coming Real Estate Crash

    The Sequim Real Estate Trilogy

    The Sequim Real Estate Trilogy

    Sequim Real Estate Videos for Buyers: The Ultimate Video Guide for Sequim Washington

    Sequim Real Estate Videos for Buyers: The Ultimate Video Guide for Sequim Washington

    Escaping California to the San Juan Islands

    Escaping California to the San Juan Islands

    Get Healthy

    Get Healthy: Increase Natural Immunities, Cellular Energy, Deep Sleep & Decrease Blood Pressure

    Manage Your Energy

    Manage Your Energy Not Your Time

    Real Estate Brokerage From Bricks and Mortar to High Tech Virtuality

    Real Estate Brokerage From Bricks and Mortar to High Tech Virtuality

    7 Myths of Selling Your Home

    7 Myths of Selling Your Home

    Buying Your Retirement Home

    Buying Your Retirement Home

    The New World of Marketing for Real Estate Agents

    The New World of Marketing for Real Estate Agents

    Sequim Real Estate For Buyers: Free eBook Updates Forever

    Sequim Real Estate For Buyers: Free eBook Updates Forever

    24 Secrets of Buying a Country Home

    24 Secrets of Buying a Country Home

    Sequim Real Estate: A Buyer’s Guide

    Sequim Real Estate: A Buyer’s Guide

    Living Off The Grid iin Alaska

    Living Off The Grid in Alaska

    Buying and Selling Real Estate

    Buying and Selling Real Estate

    Trending Tags

      • Sequim Real Estate for Buyers (Free eBook Updates Forever)
      • Sequim Real Estate: A Buyer’s Guide (Paperback)
      • Escaping California to The San Juan Islands
      • Buying & Selling Real Estate in The Rain Shadow
      • Real Estate From Bricks & Mortar to High Tech Virtuality
      • The Seven Myths of Selling Your Home
      • Buying Your Retirement Home
      • The New World of Marketing for Real Estate Agents
    • Agents
      • Professional Buyer’s Agent
      • Flat Fee Listing Broker
    Tetralogy
    No Result
    View All Result
    • Login
    • Register
    • Home
    • Search MLS
      • Sequim MLS
      • Sequim MLS Map Search
      • Port Angeles MLS
      • Port Townsend MLS
      • San Juan Islands MLS
      • All Islands MLS
      • How to Search the Sequim MLS
    • Videos
      • Sequim Videos Q&A
      • Buyer Videos Part 1
      • Buyer Videos Part 2
      • Buyer Videos Part 3
      • Buyer Videos Part 4
      • Living in Sequim Video Channel
    • Books
      The Coming Real Estate Crash

      The Coming Real Estate Crash

      The Sequim Real Estate Trilogy

      The Sequim Real Estate Trilogy

      Sequim Real Estate Videos for Buyers: The Ultimate Video Guide for Sequim Washington

      Sequim Real Estate Videos for Buyers: The Ultimate Video Guide for Sequim Washington

      Escaping California to the San Juan Islands

      Escaping California to the San Juan Islands

      Get Healthy

      Get Healthy: Increase Natural Immunities, Cellular Energy, Deep Sleep & Decrease Blood Pressure

      Manage Your Energy

      Manage Your Energy Not Your Time

      Real Estate Brokerage From Bricks and Mortar to High Tech Virtuality

      Real Estate Brokerage From Bricks and Mortar to High Tech Virtuality

      7 Myths of Selling Your Home

      7 Myths of Selling Your Home

      Buying Your Retirement Home

      Buying Your Retirement Home

      The New World of Marketing for Real Estate Agents

      The New World of Marketing for Real Estate Agents

      Sequim Real Estate For Buyers: Free eBook Updates Forever

      Sequim Real Estate For Buyers: Free eBook Updates Forever

      24 Secrets of Buying a Country Home

      24 Secrets of Buying a Country Home

      Sequim Real Estate: A Buyer’s Guide

      Sequim Real Estate: A Buyer’s Guide

      Living Off The Grid iin Alaska

      Living Off The Grid in Alaska

      Buying and Selling Real Estate

      Buying and Selling Real Estate

      Trending Tags

        • Sequim Real Estate for Buyers (Free eBook Updates Forever)
        • Sequim Real Estate: A Buyer’s Guide (Paperback)
        • Escaping California to The San Juan Islands
        • Buying & Selling Real Estate in The Rain Shadow
        • Real Estate From Bricks & Mortar to High Tech Virtuality
        • The Seven Myths of Selling Your Home
        • Buying Your Retirement Home
        • The New World of Marketing for Real Estate Agents
      • Agents
        • Professional Buyer’s Agent
        • Flat Fee Listing Broker
      No Result
      View All Result
      iRealty Virtual Brokers
      No Result
      View All Result
      Home Negotiating Price

      Should I Make a Backup Offer?

      Chuck Marunde by Chuck Marunde
      September 23, 2019
      Reading Time: 2 mins read
      0 0
      0
      Backup Offer

      Should you make a backup offer if the home you want is already under contract? For many transactions, making a backup offer would be a waste of time. Approximately 97% of the offers I write for clients close, but there is a small percentage of cases in which making a backup offer could make sense.  I have some very happy buyers, and their recent transaction is a perfect example of when a backup offer can actually get you the house of your retirement dreams.

      The Backup Offer

      A couple wrote an offer on a Sequim home contingent on the sale of their California home. They were sure their California home would sell quickly, because that local market was very hot. The offer in Sequim was accepted and the transaction was classified as pending. Meanwhile, another couple from California also fell in love with this Sequim home, and they wrote a backup offer. They were also from California, but their backup offer was not contingent on the sale of their home. The first offer was bumped by the contract language, and Voila! my buyers who submitted the backup offer stepped into first position and got their dream home. Of course, there is a happy couple (my clients), and there is an unhappy couple (the bumped buyers). How does all this work, and how can you know if a backup offer makes sense?

      Backup Offer Wins for 2nd Buyer

      Whether writing a backup offer makes sense is a question your Sequim Buyer’s Agent really needs to be able to analyze and answer for you. There are several important issues to take into consideration. In addition, the contract language and the process of getting a backup offer into first position and bumping the other offer is very specific and must be followed precisely. And if you are writing an offer that is in first, you want to make sure that you don’t draft your contract so that you can be bumped, if possible. The full explanation of all the contract language that applies and it’s interpretation, and the process and timing of each step is beyond the scope of this article, but suffice it to say, you must do it right in order to succeed.

      My 20 years as a real estate lawyer is experience that my clients often remind me is not wasted, especially when it comes to dealing with complex contract language and a backup offer.

      Last Updated on September 23, 2019 by Chuck Marunde

      Tags: Buying a Homenegotiating
      ShareTweet
      Chuck Marunde

      Chuck Marunde

      Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

      Related Posts

      Negotiating
      Negotiating Price

      Why Negotiating is Not for Amateurs

      August 3, 2022
      2
      Negotiating Mistakes
      Negotiating Price

      Negotiating Mistakes Kill Deals

      August 2, 2022
      2
      Negotiating Price

      From Offer to Mutual Acceptance

      September 6, 2019
      1
      Unmanaged Emotions
      Negotiating Price

      The Danger of Unmanaged Emotions in Negotiating

      August 2, 2022
      2
      Negotiating Price

      In Real Estate Knowledge is Power

      September 6, 2019
      3
      Negotiating
      Negotiating Price

      What Makes Negotiating Hard?

      August 2, 2022
      2
      Next Post
      Home Inspection

      What Are the Biggest Home Inspection Issues in Sequim?

      Best Years of Your Life

      The Best Years of Your Life in Sequim

      Leave a Reply Cancel reply

      Your email address will not be published. Required fields are marked *

      I agree to the Terms & Conditions and Privacy Policy.

      This site uses Akismet to reduce spam. Learn how your comment data is processed.

      "I wish I read this before selling my
      home. I could have saved $50,000." Andy 

      Search 2,200 Articles by Category

      • Trending
      • Comments
      • Latest
      Buyer and Seller

      What if a Buyer and Seller Talk to Each Other?

      August 5, 2022
      10 Best Places to Retire

      Why is Sequim One Of The 10 Best Places To Retire?

      September 22, 2019
      Terminate a real estate contract

      How to Terminate a Real Estate Contract

      December 31, 2020
      Prorate Propane

      How to Prorate Propane at Closing

      August 15, 2015
      print newspapers

      Print Newspapers Losing Readers to the Internet

      42
      FNMA Killing Transactions by Requiring Private Road Maintenance Agreements

      FNMA Killing Transactions by Requiring Private Road Maintenance Agreements

      31
      Buyer and Seller

      What if a Buyer and Seller Talk to Each Other?

      28

      What Documents Does a Buyer Need to Buy Real Estate?

      24
      NWMLS v OLS

      Why the NWMLS is Far Better Than the OLS for Sellers in the Sequim Market

      August 16, 2022
      Marunde-Books

      Marunde Books: I’m Having Far Too Much Fun Here

      August 15, 2022
      Financing Contingency

      What does “The Financing Contingency Shall Survive the Closing Date” Mean?

      August 12, 2022
      Sequim Real Estate

      Massive Upgrades to Sequim Real Estate Blog

      August 11, 2022

      Subscribe to Chuck 
      Marunde's Newsletter

      Popular Stories

      • Buyer and Seller

        What if a Buyer and Seller Talk to Each Other?

        0 shares
        Share 0 Tweet 0
      • Why is Sequim One Of The 10 Best Places To Retire?

        0 shares
        Share 0 Tweet 0
      • How to Terminate a Real Estate Contract

        0 shares
        Share 0 Tweet 0
      • How to Prorate Propane at Closing

        0 shares
        Share 0 Tweet 0
      • The Sequim Blue Hole – A Map of Rainfall

        0 shares
        Share 0 Tweet 0

      Leaving Comments   I hope you’ll join our community and leave comments from time to time. Please realize that comments, if approved, will be public, so do not use any personal information you don’t want broadcast to the world, and definitely don’t leave a phone number. Comments are not the place to ask Chuck Marunde for help in finding a home. To do that, call or text Chuck.

      Neither Chuck Marunde nor iRealty Virtual Brokers offers legal advice on this site. Please Read Our Legal Disclaimer

      If you’d like to view how we protect your privacy, see our Privacy Policy.

      iRealty Virtual Brokers

      iRealty Virtual Brokers reaches out to buyers around the United States with thousands of online articles, MLS sites, apps, real estate books, videos, and much more specifically to help buyers find all the answers to their questions. We also now offer a flat fee commission listing service that saves sellers tens of thousands of dollars.

      iRealty Virtual Brokers
      125 Olympic Ranch Ln
      Sequim, Washington 98382
      360-775-5424

      Search the entire NWMLS in Washington State:

      Sequim-Homes.com

      The largest independent real estate blog in the State of Washington with over 2,200 articles totally focused on our client’s best interest, their needs and their curiosity. All free and 100% reliable. I’m here if you need me, 

      © 2006-2022 iRealty Virtual Brokers and Chuck Marunde

      No Result
      View All Result
      • Home
      • Search MLS
        • Sequim MLS
        • Sequim MLS Map Search
        • Port Angeles MLS
        • Port Townsend MLS
        • San Juan Islands MLS
        • All Islands MLS
        • How to Search the Sequim MLS
      • Videos
        • Sequim Videos Q&A
        • Buyer Videos Part 1
        • Buyer Videos Part 2
        • Buyer Videos Part 3
        • Buyer Videos Part 4
        • Living in Sequim Video Channel
      • Books
        • Sequim Real Estate for Buyers (Free eBook Updates Forever)
        • Sequim Real Estate: A Buyer’s Guide (Paperback)
        • Escaping California to The San Juan Islands
        • Buying & Selling Real Estate in The Rain Shadow
        • Real Estate From Bricks & Mortar to High Tech Virtuality
        • The Seven Myths of Selling Your Home
        • Buying Your Retirement Home
        • The New World of Marketing for Real Estate Agents
      • Agents
        • Professional Buyer’s Agent
        • Flat Fee Listing Broker

      © 2006-2022 iRealty Virtual Brokers and Chuck Marunde

      Welcome Back!

      Login to your account below

      Forgotten Password? Sign Up

      Create New Account!

      Fill the forms bellow to register

      *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.